EX-NSB Chairman gets suspended sentence

Mr. Kariyawasam, the husband of former Chief Justice Shirani Bandaranayake, was given a 5-year suspended sentence and a fine of Rs.300,000

The Colombo Chief Magistrate’s Court yesterday convicted former NSB Chairman Pradeep Kariyawasam for illegally allowing the purchase of overvalued shares of The Finance Company by the National Savings Bank.

Mr. Kariyawasam, the husband of former Chief Justice Shirani Bandaranayake, was given a 5-year suspended sentence and a fine of Rs.300,000 by the Magistrate.

The court has made this order after considering the fact that the convicted had no previous offences and the loss resulted in, from the transaction, had been reduced after immediate action was taken to reverse the deal.